Tony Elumelu to Join Seplat Board After $500M Stake Acquisition

Nigerian billionaire Tony Elumelu is set to join the board of Seplat Energy Plc after his company, Heirs Energies, acquired a 20.07% stake in the oil and gas firm. The purchase of over 120 million shares from French energy group Maurel & Prom was valued at nearly $500 million, making Heirs Energies Seplat’s largest single shareholder. Elumelu will serve as a Non-Executive Director, contributing to the company’s strategic direction and governance without engaging in day-to-day operations. This marks a significant shift in the ownership of one of Nigeria’s leading indigenous energy companies and deepens local participation in the sector. Analysts suggest Elumelu’s extensive network and experience could bolster Seplat’s long-term growth strategy. What impact do you think this move will have on the company’s future?

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